Minstrel manufacturing uses a job order costing system. during one month minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. minstrel incurred a factory payroll of $150,000, of which $40,000 was indirect labor. minstrel uses a predetermined overhead rate of 150% of direct labor cost. the journal entry to record the application of factory overhead to production is:

Explanation:

For computing the factory overhead, firstly we have to calculate the direct labor cost because the factory overhead is 150% of direct labor cost

So, direct labor cost = Factory Payroll - Indirect cost

                                   = $150,000 - $40,000

                                   = $110,000

And, Factory overhead = 150% × Direct labor cost

                                        = $165,000

Hence, The journal entry is shown below:

Work in Progess A/c Dr

   To Factory Overhead

(Being factory overhead is recorded)

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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